Developing ‘Eastern Seaport’ The outlier of the Innovation District

Boston — “Well, we knew the name, ‘The Seaport’ was already established and was the hottest commercial asset [destination] so we named ours ‘Eastern Seaport,’” Stephen Faber of Related Beal half-jokingly told an audience of 200 plus across from Swordfish Way, as NAIOP hosted commercial real estate professionals at The Foundry, the Marcus Partners development, home to Life Science company Ginkgo Bioworks’ HQ.

Save for the Black Falcon Pier, just a few years ago, the ‘Eastern Seaport’ enclave was mainly made up of fishing companies, light industrial buildings and empty Massport lots. But as the development teams confirmed, that’s what they were attracted to.

Preceding the panel of developers discussing their existing and underway projects (mainly life science-driven) Rich Davey, CEO, MassPort, and Seth Riseman, Boston Planning Department, gave brief presentations on their respective roles in determining, aiding and partnering on what will be the final commercial neighborhood linked to the Innovation District.

Levi Reilly, Partner & Head of Development for Marcus Partners, whose firm recently completed the Foundry at Drydock, a 262,000 SF, 100% pre-leased life science building. Reilly spoke highly of their decision to go boldly to the end of the Boston waterfront. “It’s an area that has become a great science culture … it has great ground floors, great amenities, access to the Silver line - and people forget that we’ve got 20,000 housing units surrounding the neighborhood.” He tagged the successful narration by recognizing the public-private relationships that need to happen for projects to overcome hurdles, specifically given the massive needs of energy approvals within the science sectors.

Melissa Schrock, Executive Vice President with HRP, the firm undertaking perhaps Boston’s most current historical, comprehensive and massive redevelopment of the former Edison plant, just across the Summer Street retractile bridge, ironically built in 1899, just a year after the first turbine power building at 776 Summer, where HRP has completed the first of many phases in the ten year masterplan to redevelop the campus into a grand mixed-use live, work play at the iconic site. A plan that Schrock candidly said feels like it has already gone through a couple of cycles since first applying in 2016. “We like to say, to be in development, you need to be an optimist,” she joked with the crowd.

Schrock concurred with Reilly regarding the need for partnerships and patience, while confirming its ‘776 Summer’ project has taken a bit of a detour, given the change to office, and oversupply of life science - yet she’s confident the initial housing phase, calling for a few hundred apartment units, will get going in 2026. “We have spectacularly beautiful Turbine Halls and vision in a great neighborhood - so patience.”

Stephen Davis, President at The Davis Companies, who purchased 88 Black Falcon Pier in 2017, spoke of their initial success in a somewhat humble candor, knowing the neighborhood has become a haven for science and R&D. “Well, our first phase of the project was an office upgrade to a modern creative office, by renovating lobbies, adding signage, and performing exterior improvements.” Davis says the investment grew rents by 33% and gave them confidence of the growth in the neighborhood.

He joked that phase two will be a surprise, as they prepare for “Yes, Life Science.” With the MassPort ground-leased building, Davis says they are looking forward to being part of the Harbor Walk, which will extend from the Seaport and into the South Boston neighborhood, creating miles of uninterrupted waterfront access. Without naming specifics, Davis concluded his assessment by teasing its Phase III plans to include modern R&D, Bio/Robotics manufacturing, or, as he coined it, “advanced robotics space.”

Perhaps they saved the best for last when it comes to experience with the Eastern Seaport and creating life science demand spaces. After all, Stephen Faber attests the name came from a time when he wasn’t even sure about recruiting Cambridge firms to move Eastward. “Well, back in 1999 we called it wet science, and we knew we couldn’t compete with the big boys, the REITs in Cambridge anymore - we needed another area that we could invest in, but we didn’t know if we could convince the life science companies to come to Marine Park,” Faber told the engaged audience of its history, long before the start of a commercial neighborhood made up of technology and science companies.

He ran through the Related Beals Seaport portfolio, talking about both successes and some that need work to fully lease, including previously-owned 27 Drydock, as well as 451 D Street. However, more aligned to the Eastern District area, Faber says he has been pleasantly surprised at their Innovation Square developments, now underway with its third property, second to be developed in Boston’s Raymond L. Flynn Marine Park (RLFMP).

“We couldn’t do it without our partnership with Vertex, and without the public-private partnerships, as was mentioned … and I agree, optimism is needed [as developers] and an understanding that none of these companies last as long as their lease, because they either grow or die,” Faber concluded.

Public transportation in and out of the area has always been a concern for the Seaport. However, upgrades to sidewalks, pedestrian areas, and the recently added Ferry to the Fan Pier aid developers’ optimism. A more present-day concern is the effects of the surplus in available lab space throughout all of Greater Boston; a growing issue that the developers said they will stay patient with, as they believe the demand and growth of the industry will return.

88 Black Falcon Pier

Rendering: '776 Summer' Edison Redevelopment Project

Innovation Square II, 6 Tide St.; Boston MA